5 Unique Points About Georgia Bankruptcy Law

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(Free-Press-Release.com) May 20, 2011 -- Unemployment however is very high.

By filing, you still have to keep up with payments, but you are given the opportunity to instead of a trustee taking your home and liquidating it to pay back debts. If you live in Georgia and are out of work, it might be best to try and file Chapter 7. If you have an income, Chapter 13 can help.

Chapter 13 Help

If you're considering filing for Chapter 13 and are unsure if you're eligible, if you can afford it, what courts to file at, how much the fees are, and many other questions, an experienced Georgia bankruptcy attorney can help. You want one who specializes in bankruptcy cases, and in the same district as you so they're familiar with the local courts. There are several courts in Georgia handling bankruptcy cases.

There are many unique points to make about Georgia bankruptcy law, especially in terms of eligibility, exemptions, legal help, and legal resources. This guide will educate you on the unique facets of Georgia bankruptcy law, especially when compared to other state laws.

Where You Find Info

You can learn a lot by reading online, but not all of it's up to date, nor always true. Some of the best legal resources are those run by federal and state governments. Perhaps one of the best resources for Georgia residents is the Georgia State Bar, where you can get help finding information on bankruptcy, find legal help, and understand the the laws better. On the other hand, you can also learn a lot by studying actual law firm sites and blogs.

Home and Car Exemptions

There is a danger in Georgia of losing your home and car, but there are exemptions designed to protect. This is unique to Georgia and changes over time. In layman's terms, you can have $10,600 equity available for a home, or double that if you are married, so $21,200 if you and your spouse file bankruptcy. If you own a car, an individual can have $3,500 equity available there, and $7,000 for joint filers. These equity numbers protect you from losing your home or car, but if you equity higher than this, you may lose a home or car in Chapter 7 bankruptcy. You may prefer Chapter 13, where you can protect both home and car by paying on debts over time. Many consider Chapter 7 more effective; for families with homes, Chapter 13 can be quite useful too.

Will you lose your home or car? That's a tough question, but the important point is you do have options. Simply owing money does not give a creditor a right to try and take your home. However, with foreclosures on the rise, and bankruptcy filings growing too, it's a problem many of us are experiencing. Remember, these are Georgia laws, so you should consult with a Georgia lawyer.

Eligibility is Based On Income

Georgia bankruptcy eligibility is similar to other states in that it's based on the median income: how much the average Georgia resident makes. The following numbers are the limits for income when filing bankruptcy here, from one person to a family of four: $40,546, $55,061, $60,887, and $68,258 for a family of four.

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